We’re kickin’ off our pip hunting with trend and reversal setups on your favorite comdoll crosses!
Check them out and let me know!
CAD/JPY popped up a nice wick after finding support at the 86.60 zone near the 100 SMA.
What makes the area more interesting is that it’s right around the channel support that hasn’t been broken since March 24.
Are CAD/JPY bulls ready for more gainz? Buying at current levels is a good bet if you believe that the Loonie can continue to make pips rain against the yen. The 87.50 handle is a good target though you can also hold them longs until you see weakening momentum.
Feelin’ like shorting the Loonie instead? You might want to wait until the bulls let go of the channel support and the 100 SMA before you can target previous inflection points like 86.40 or the big 86.00.
Breakout traders huddle up! EUR/AUD has not only broken above a trend line resistance that’s been valid since December 2020, but it has also gone back down to retest the broken trend line.Of course, it doesn’t hurt that the 100 and 200 SMAs are chillin’ like villains near the 1.5400 area of interest.
Is EUR/AUD ready for a longer-term reversal? You can buy at current levels and aim for March’s highs if you think that the euro can sustain an upswing against the Aussie.
Meanwhile, euro bears can watch the 1.5400 support closely for signs that March’s “breakout” is just a fakeout. Once EUR/AUD trades below the trend line again, then you can look into targeting 2021 support levels near 1.5260.